March 3 (Bloomberg) -- Wheat prices fell for the fourth straight session to the lowest in more than two months as a slumping global economy diminishes demand for grain from the U.S., the world’s largest exporter.
From June to Feb. 19, overseas buyers committed to purchase 24.1 million metric tons of U.S. wheat, down 24 percent from a year earlier, Department of Agriculture data show. Actual shipments fell 20 percent to 20.3 million tons. Wheat futures in Chicago tumbled 54 percent in the past year on increased global production and declining consumption.
“The demand picture for wheat is not too good,” said Darrell Holaday, the president of Advanced Market Concepts in Manhattan, Kansas. “We’re too expensive.”
Wheat futures for May delivery fell 4.25 cents, or 0.8 percent, to $5.0175 a bushel on the Chicago Board of Trade. Earlier, the price touched $4.985, the lowest for a most-active contract since Dec. 12.
Turkey said today its wheat production may rise 12 percent to 20 million tons because of ample rain and snow. The government gave 500 million liras ($290 million) in loans to help farmers install irrigation systems after dry weather curbed production last year.
Global wheat production in the year that ends on May 31 is expected by the USDA to rise to a record 682.8 million metric tons. Worldwide ending stocks may jump 25 percent to 150 million tons, the agency said. more...
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